Alnylam Q2 2023 Earnings Report
Key Takeaways
Alnylam Pharmaceuticals reported a strong second quarter in 2023, with a 43% year-over-year increase in global net product revenues, reaching $306 million. This growth was primarily driven by the successful launch of AMVUTTRA and increased patient uptake of GIVLAARI and OXLUMO. The company also achieved significant R&D milestones, including submitting APOLLO-B data to the FDA and entering a global strategic collaboration with Roche for zilebesiran.
Global net product revenues reached $306 million, a 43% increase year-over-year.
ONPATTRO and AMVUTTRA global net product revenues were $91 million and $132 million, respectively, representing 46% total TTR reported year-over-year growth.
GIVLAARI and OXLUMO global net product revenues were $58 million and $24 million, respectively, representing 37% total Ultra-Rare reported year-over-year growth.
Alnylam entered into a global strategic collaboration with Roche for co-development and co-commercialization of Zilebesiran.
Alnylam
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Alnylam Revenue by Segment
Forward Guidance
Alnylam reiterated its full year 2023 financial guidance.
Positive Outlook
- Combined net product revenues for ONPATTRO, AMVUTTRA, GIVLAARI and OXLUMO between $1,200 million and $1,285 million
- Net Product Revenue Growth vs. 2022 at reported Fx rates between 34% to 44%
- Net Product Revenue Growth vs. 2022 at constant exchange rates between 34% to 44%
- Net revenues from collaborations and royalties between $100 million and $175 million
- Alnylam assumes U.S. sNDA approval of patisiran for ATTR amyloidosis with cardiomyopathy by the PDUFA date on October 8, 2023
Challenges Ahead
- GAAP R&D and SG&A expenses between $1,790 million and $1,885 million
- Non-GAAP R&D and SG&A expenses between $1,575 million and $1,650 million
- Excludes $215-$235 million of stock-based compensation expense from estimated GAAP R&D and SG&A expenses
- Continued investment in strategic growth
- Operating variability in collaboration with Regeneron
Revenue & Expenses
Visualization of income flow from segment revenue to net income